I purchased a 2 unit building in upstate NY in a small village where the Hospital is the major employer.

Again, I think the majority of the investors go with LLC's but others find that an S-Corp or C-Corp works better for their situation.On the tax side, there are specific reasons you would choose to be taxed as an LLC or S-Corp.

Thus, I'm asking for input towards any major oversights, and if this plan is workable.

The HOA creates a special assessment when something major happens (i.e. reroofing, repiping, etc) or 2.)

I would wait until you get under contract, then establish the LLC and notify the necessary parties that the LLC will be the "buyer".If you did take your approach, I'd be certain to check with the appropriate state department to make sure the LLC isn't already taken.

Just be very careful in the future to make sure you ask a tax advisor before making major financial decisions.

Don't forget major things like HVAC, etc.

The goal is 10 over the next 2 years;- Found out that the one portfolio lender in Atlanta (at least the only one I know about) stopped lending on rehab properties, so my major source of leverage was cut off;- Raised $150K in private money...a first step to replacing some of the leverage lost when my bank stopped lending;- Put 3 properties (to be flipped) under contract, though one fell out of contract during due diligence;- Haven't been able to get a contract on the one property we've had listed for about 3 weeks;- Despite lots of offers, haven't been able to get contracts on any of the other properties that we've had listed for other investors (one of the slowest months I've seen for buyers in several years);- Got lots of "nasty" emails from blog readers asking why I've slowed down my posting... :(- Had the IRS issue a ruling on my use of a large chunk of my retirement funds -- they determined that I get to keep my money

I usually Google "(restaurant name) real estate" and a link to that department should come up.

While it feels we are past any major drops/corrections in parts of SoCal, I cannot help but look at other parts that have a long way to move.